As of February 4, 2013 the Royal Canadian Mint will no longer distribute pennies. But that doesn’t mean your pennies will be worthless in March. You can still keep spending pennies as long as the merchant will accept them. And you still can’t legally melt them down and sell them as scrap metal.
Written: 2013
Reviewed: 2023
Revised: 2023
The government expects it will take about 6 years to actually run out of pennies. That would make it almost 2020 before the penny becomes worthless as a coin.
I expect the government will start taking back pennies and melting them down for the copper and other metals starting in February 2013. But there are millions of pennies in circulation, and even more in jars, boxes and desk drawers in homes. It will take time for them to be rounded up and returned.
What Can I Do with My Pennies?
Pennies can be redeemed for higher value coins at banks. It may be necessary, though, to roll the pennies to the specification of the bank. And the bank may limit how many pennies it will accept at one time. It is also easier to redeem rolls of pennies at a bank or financial institution where you have an account or you do other business.
Can I Melt Down My Pennies and Sell the Metal?
At this time, it is not legal for you or me to melt down pennies or cents and sell them as metal scrap. Pennies are still considered legal Canadian currency and it is illegal to destroy or deface them. The FAQs for the Mint state: “The Currency Act and The Canadian Criminal Code clearly state that no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada.”
Perhaps in future years the penny will be de-listed as legal tender. At that time, it may be legal to melt them down.
Join In
Have you got plans to deal with your penny pile? Do you have a few dozen, or a few thousand, rolling around your home? Please share your plans with a comment.